Roughly 65% of Americans with employer coverage are in a self-funded health plan. That is the population this conversation is about. Every one of those plans is governed by ERISA.

Every one has a fiduciary with personal liability under Section 502. Every one has a TPA exercising discretion over plan assets. Every one has a 408(b)(2) compensation disclosure that was supposed to name what the contracting parties retained.

Almost none of those disclosures name the spread on 340B-acquired drugs. That is the gap. That is what ERISA already reaches...